Thyrocare Technologies Ltd
Thyrocare Technologies Ltd (THYROCARE)

Thyrocare Technologies Ltd (THYROCARE)

₹616.750.7%

Key Stats

₹613.2
Day's Price Range
₹627
₹613.2
52-Week Price Range
₹1374.9
1 Month Return-1.76 %
3 Month Return-21.2 %
1 Year Return-52.85 %

Company Financials

  • Quarterly
  • Annual
Value in ₹ crore

Peer Comparsion

PE
Rank 7
18.65
EPS
Rank 3
₹33.29
BVPS
Rank 6
₹80.81
Dividend Yield
Rank 1
2.77%
ROE
Rank 5
29.08%
Price To Book Ratio
Rank 11
7.68
Debt To Asset
Rank 19
0.21

Company Information

Thyrocare Technologies Limited was incorporated in the year January 28 2000. The company is one of the leading panIndia diagnostic chains that conduct an array of medical diagnostic tests and profiles of tests that center on early detection and management of disorders and diseases. As of 31 March 2021 the company offered 279 tests and 79 profiles of tests to detect a number of disorders including thyroid disorders growth disorders metabolism disorders autoimmunity diabetes anemia cardiovascular disorders infertility and various infectious diseases. The companys profiles of tests include 51 profiles of tests administered under its reputed Aarogyam brand which offers patients a suite of wellness and preventive health care tests. The company primarily operates its testing services through a fully automated Centralised Processing Laboratory the CPL and has expanded its operations to include a network of Regional Processing Laboratories RPLs. The company currently operates 9 RPLs one in each of New Delhi Coimbatore Hyderabad Kolkata Bangalore Bhopal Mumbai Patna and Chennai which process samples sourced from their respective regions.Nueclear Healthcare Limited NHL the wholly owned subsidiary of Thyrocare Technologies is engaged in PETCT Scan imaging diagnostic business. NHL currently has 14 operating PETCT scanners in 12 imaging centers: two in Navi Mumbai two in New Delhi one each in Hyderabad Surat Vadodara Raipur Jaipur Mumbai Aurangabad Nashik Bangalore and Coimbatore. NHL also owns and operates a medical cyclotron unit in Navi Mumbai which produces the radioactive biomarker FDG required for PETCT scanning.Thyrocare Technologies CPL which is located in Navi Mumbai is equipped with automated systems diagnostic testing instruments and processes from leading international and Indian healthcare brands. The CPL is fully automated and driven by a barcoded and bidirectionally interfaced system and Laboratory information system. Thyrocare Technologies collects samples through a panIndia network of authorized service providers comprised of Thyrocare Service Providers TSPs Thyrocare Aggregators TAGs and Online Clients OLCs who in turn source these samples from local hospitals laboratories diagnostic centers nursing homes clinics and doctors that avail diagnostic services from the company. As of 31 March 2019 Thyrocare Technologies had a network of 6342 authorized service providers comprised of 578 TAGs 529 TSPs and 5235 OLCs spread across 555 cities and 32 states and 2 union territories. The wide spread network of authorized service providers has enabled the company to expand the reach of the CPL and RPLs thereby providing the company with access to a larger customer base.Thyrocare Technologies promoted Nueclear Healthcare Limited NHL in the year 2011. Thyrocare Technologies acquired controlling stake Nueclear Healthcare Limited effective 15 November 2014. Thyrocare Technologies commenced setting up Regional Processing Laboratories RPLs in 2014. During the financial year ended 31 March 2016 Thyrocare Technologies issued 3187562 equity shares at a premium of Rs. 295.95/ per share towards consideration for acquiring 4611000 equity shares of M/s. Nueclear Healthcare Limited from remaining six shareholders so that it becomes whollyowned subsidiary of the company. NHL became whollyowned subsidiary of the company with effect from 16 December 2015.The increase in revenue of Thyrocare Technologies diagnostic services business in Fiscal 2016 was mainly on account of increased focus on preventive care offerings improvement in turnaround time by newly setup regional processing laboratories enhancement in the brand awareness realization of revenue from newly introduced verticals and media campaigns and growth in the companys imaging business.Thyrocare Technologies came out with an Initial Public Offer IPO to fulfill its contractual obligation to one of the overseas PE Investor to give an exit route within the agreed time. A total number of 10744708 equity shares were offered for sale to the public at an Issue Price of Rs. 446. The Issue opened on April 27 2016 and closed on April 29 2016 and it was a grand success with an oversubscription of more than 75 times the highest in healthcare industry in India. Subsequently the company got stellar listing on the bourses on 9 May 2016 with stock prices zooming more than 45 of the higher price band of share price within a few minutes of commencement of trading in the stock exchanges.During the year financial year ended 31 March 2017 Thyrocare Technologies decided to sell its entire holding in Thyrocare International Holding Company TIHC at the acquisition cost to a related party but it could not be completed for want of approval of Reserve Bank of India. Thyrocare Technologies has been holding 5440 equity shares in Thyrocare International Holding Company TIHC Mauritius valued at Rs 16.15 million which is about 9.09 of the total equity share capital of the said company. TIHC is holding 51 of the equity share capital of Thyrocare Gulf Laboratories WLL Bahrain. The increase in revenue of Thyrocare Technologies diagnostic services business in Fiscal 2017 was mainly on account of the growth in revenue from preventive care offerings sustained growth in seek care business by improvement in turnaround time due to newly setup regional processing laboratories recognition of brand Aarogyam realization of revenue from newly introduced verticals and media campaigns. The revenue from imaging business in Fiscal 2017 however grew at lesser pace than the pathology business mainly on account stagnation of growth evidenced in some region limitation on conducting scan due to nonavailability of FDG for conducting the investigations delay in starting of PETCT centres in Vadodra and Raipur and competition in regional market.During the financial year ended 31 March 2018 Thyrocare Technologies invested Rs.20 crore in the equity share capital of Equinox Labs Private Limited Equinox a company engaged in the business of water food and other environment and hygiene testing. While Rs. 10 crores were paid by cash for another Rs.10 crore Thyrocare Technologies transferred its Water Testing business on a slump sale basis valued at Rs.10 crore. Equinox has issued 429185 numbers of equity shares of the company constituting 30 of their paidup Equity Share capital and Thyrocare Technologies is entitled to have two directors as nominees on their Board. Thus Equinox became an Associate company of Thyrocare Technologies as defined in the Companies Act 2013.During the year under review Thyrocare Technologies revenue from imaging business grew at rapid pace than the pathology business mainly on account of newly added PETCT centers ramping up operations and gaining market control in the respective regions.During the year 2019 the Company bought back 958900 equity shares for an aggregate amount of Rs 63 crore being 1.78 of the total paidup equity share capital at an average price of Rs 656.90 per equity share. The equity shares bought back were extinguished on 12 October 2018 and 22 October 2018.In FY 2019 the Company has given Loan aggregating to Rs 39 Crores to Nueclear Healthcare Limited under the provisions of Section 186 of the Companies Act 2013 read with Companies Meetings of Board and its Powers Rules 2014.The Companys businesses have been adversely impacted due to the rapid spread of novel coronavirus COVID19 pandemic across the globe. In view of the countrywide lockdown operations of the Companys / Groups collection centres imaging centres CPLs RPLs and offices etc. are scaled down or shut down from the second half of March 2020. Although the lockdown has been lifted either partially or fully in some of the states its duration in remaining states is still uncertain. The business of Nueclear Healthcare Limiteda whollyowned subsidiary has also been adversely impacted.As on 31 March 2020the company has one whollyowned subsidiarynamely Nueclear Healthcare Limited and one associate companynamely Equinox Labs Private Ltd.During the quarter ended 30 September 2020the company offered to acquire the property held by its subsidiary and situated at Gurgaon for an aggregate consideration of Rs 10.60 crore to extend the laboratory operations including the Covid testing laboratory in the Northern India.
OrganisationThyrocare Technologies Ltd
HeadquartersNavi Mumbai
IndustryHealthcare